Nevada County picayune., 1887-10-20
JEFFERSON ON PAPER MONEY.

JEffEKSVN LIN rArEK MUNEl. II am sorry to see our loans be. gin at so gexorbitant, au interest And yet even al that, you will soon tbe at the bottom of the loan-bag. We are an agricultural nation. Such an one employs it's sparings Ein the purchase, or improvement hOf land or stocks, The leudable money among them, is chiefly that of orphans and wards, in the hands kof executors and guardians. and that which the farmer lays by till he has enough for the purchase in view. In such a nation there is one and one, only, resource for loans, sufficient to carry them through the expenses of a war; and that will always be. sufficient, and lin the power of an honest govern, ment, ,punctual in the preserya- ton ofits faith, The fund I mean, is the mass of circulating coin. Every one knows, that although -not literally, it is nearly true, that every paper dollar emitted ban ishes d silver one from the circu. Iation. A nation, therefore, mak. ing it's purchases and payments with bills fitted for circulation, thrusts an equal sum of coin out of fcircnlation.r- .r--J cffersOn's works, VOl. VI. P. 139. ,,}as tu f'ta H
 Wn this way, l am not without hope. that, this great, this sole. re source for loans in an agricultural country, might yet be recovered for the use of the nation during war; and, if obtained in perpctu, ,um, it would always be sufficient to carry us through any war; pro- vided, that ip tue interval between war and war, all the outstanding paper should be called in. coin be permitted to flow in again, md to hold the field of circulation until another. war should require it's yielding place again to the national
 medium" "-Jeiferson's works, Tol. INl, r. l4l- .fs.i E1sa aa3 9t,i ..E .a
 "Bank paper mnst be suppress. ed, and the circulating medium must be restored to the nation to whom It belongs. Y x he oniy fund upon ,rhith they coa rely FOR LOANS; it is . the only resource which can never fail them, and u is an abundant one for every nee cssary q purpose. aIreasu,y bills. bOttOmed .pa, taLes, bearing or not bearing interest, as may bc found nece ssary, thrown into circulation will take the place of so mnch gold and silver, which last, when crow ded. will find an effinx into other count ries, and thns keep the quan- tum of medium at its salutary ley. el."-Jeffersons works, VIC, p. l99. ], eve are flow without any medi. um; and necessity. as well as patri. otism and confidence will make us eager to receive treasury notes. if tosmdea om specific fares "-1Jefler. sop's works, Vol. VI, F. 3S2, .,
 "But Congress could then have issued, treasury notes, payable within a fixed period, and founded on a specific tax, the proceeds of which, as they come in, should be exchangeable for the notes of that particular emission only. .'-J efter, sons works, Vol. VI P. 3S2, a,,aa
 ''Treasury notes of small as well as high denomination, bottomed on il tax which would redeem them in ten years, would place at our disposal the whole circulating me- dlum of the United States; fund of credit sufficient to carry us through any probable length of ,"-Jefferson's works, Vol. VI, P. 4l9. ''" '''' '''
 "Im both cases, the truth IS, that capital may be produced by indus try, and accumulated by economy; but jugglers only propose 10 create it by legerdemam tricks with pa per. '-JeffersOn's works, Y. 6, D 24I.
 "There is indeed a c0nvenince in paper: it's easy transmission from one place to another. But this may be mainly supplied by bills of Exchange, so as to prevent any great displacement of actual coin. Two places trading t0geth- CT balance their dealings, for the most part, by their mutual sup, plies, and the debtor individuals of either may, instead of cash, re- init the bills of those who are cred itors in the same dealings; or may sobtain them through some third lplace with which both have deal ings. The cases would be rare where such bills could not be Ob
 tained either directly or circuit ously, and too unimportant to the nation to overweight the train of evils flowing from paper circuh. 'tiOn. n.-J efferson's works, V. 6, p 237.
 And 1t Is for this petty addition to the capi
 tdl of the nation. this minimun of one dollar, added tn one hundred and thirty three and Il third, or three fourths per cent. that we are to give up our gold and silver medium, its intrinsic solidity, its univeisa value. and its saving powers in time of war, and to sub- stitute for it paper, with all its train of evils, moral, political and physical, which l will not pretend to ennmerate.' .Ieilcrson's works, Vol. VII 2S6.
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